Which of the following factors are essential parts of managerial planning?

Setting objectives is a fundamental aspect of managerial planning because it provides a clear direction and focus for the organization. Objectives help to define what the organization aims to achieve within a specific timeframe, guiding decision-making processes and resource allocation. By establishing clear and measurable goals, managers can align their strategies and actions to ensure that the organization is moving toward its desired outcomes. This objective-setting process is essential for measuring success and progress, as well as for motivating employees by providing them with a sense of purpose and clarity in their roles.

Other factors, while important in a broader context of management, do not directly relate to the core function of planning. Hiring additional staff is an operational decision that may arise from the planning process rather than being a component of the planning itself. Promoting employee engagement is a key aspect of leadership and organizational culture but does not constitute a part of the planning phase. Increasing competition is an external factor that may influence planning but is not a direct component of the planning process itself. Hence, setting objectives stands out as the essential building block of effective managerial planning.